The Cost of Living Crisis: How financial worries impact Gen Z’s health (read time: two minutes)
In the face of the cost of living crisis, financial worries have reached an all-time high among Generation Z. The soaring expenses of education, housing, and basic necessities have placed a huge burden on young adults. This affects not only their personal lives and mental health, but also their work performance.
The rising concern of financial stress
Generation Z, born between the mid-1990s and early 2010s, is grappling with financial challenges unlike any previous generation. The cost of living crisis, fuelled by inflation, stagnant wages, and increasing debt, has left many young adults struggling to make ends meet. Studies show a large portion of this age group experiences constant anxiety over financial instability, which takes a toll on their overall well-being.
The impact on health and work
Unsurprisingly, the mounting financial stress experienced by Gen Z is affecting their physical and mental health. The pressure to manage expenses and debt can lead to higher levels of stress, anxiety, and even depression. This can result in an increased number of sick days at work as young employees find it difficult to cope with their health issues while juggling their financial burdens.
The need for income protection
As the financial landscape becomes more uncertain, Gen Z must prioritise their financial security. One valuable tool to ensure financial stability during times of illness or incapacity is an income protection policy. Income protection provides a steady stream of income if the policyholder is unable to work due to illness or injury.
The key benefits of income protection
Peace of mind: Having an income protection policy in place offers peace of mind, knowing that they won’t be left in financial distress during challenging times where they are unable to work.
Financial stability: A reliable source of income through the policy means that young people can keep their standard of living and meet their financial commitments, such as rent, loan payments, and bills.
Focus on recovery: By not having to worry about their financial obligations, Gen Z can focus on their recovery and overall well-being, reducing the chance of a long sickness absence from work.
While income protection is a vital safety net, the ins and outs of insurance policies can be overwhelming.
If you would like to discuss your financial situation further, please get in touch and we can guide you through the process.